Warsaw, Kentucky Property Taxes
The median property tax rate in Warsaw, KY is 0.62%, which is significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $85,000 in Warsaw, the typical annual property tax bill is around $530, well below the national median of $2,690. Property taxes in Warsaw are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Warsaw's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Warsaw or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Warsaw, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$527
Ownwell’s Warsaw Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Warsaw with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Warsaw to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and make informed financial decisions. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Warsaw, Kentucky
Property taxes in Warsaw, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Warsaw is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Warsaw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Warsaw estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Warsaw's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41095 has both the highest and lowest median property tax rate in the area, standing at 0.62%. Understanding how these cities compare with Warsaw provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Warsaw Tax Rate
0.62%
Average Grant County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Warsaw, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41095 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Warsaw, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Warsaw, Kentucky. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Grant County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Warsaw, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Warsaw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Warsaw is $85,000, with the zip code 41095 having both the highest and lowest median tax bills at $530.
Average Warsaw Assessed Value
$85,000
Average Grant County Assessed Value
$114,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Warsaw, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41095 | $85,000 | $85,000 | $85,000 | $85,000 | $85,000 |
Source: Ownwell
Property Tax Bills Across Warsaw, Kentucky
In Warsaw, located in Grant County, KY, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Warsaw is $85,000, and the property tax rate is applied to this assessed value to determine your annual tax bill. For instance, homeowners in Warsaw typically see a tax bill of $530, which is consistent across various percentiles, including the 25th, 75th, and 90th percentiles. This uniformity indicates a stable and predictable property tax environment for residents. Several factors influence the assessed value, including market conditions, property size, and any improvements made to the home. Compared to the national median property tax rate of 0.99%, Warsaw's effective property tax rate results in a relatively moderate tax bill for homeowners. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly, ensuring they are well-prepared for their annual property tax payments.
Average Warsaw Tax Bill
$530
Average Grant County Tax Bill
$1,162
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Warsaw, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41095 | $530 | $530 | $530 | $530 | $530 |
Source: Ownwell